- SEC approves spot Bitcoin ETF, triggering a broader altcoin resurgence.
- Shibarium witnesses a significant drop in daily transaction counts.
- Shiba Inu battles bearish pressures despite the broader market uptrend.
The United States Securities and Exchange Commission (SEC) has granted approval for a spot Bitcoin Exchange Traded Fund (ETF), marking a historic moment in the digital currency landscape. While this approval is anticipated to inject renewed vitality into various facets of the crypto ecosystem, Shibarium, the scaling solution for Shiba Inu, seems to be grappling with a decline in interest.
Recent data from Shibarium reveals a significant drop in daily transaction counts, plummeting to an average of 2.46 million – the lowest since December 11, 2023. Over the past month, Shibarium’s transaction count exhibited erratic behavior, reaching a peak of 7.84 million on December 28 before hitting this recent low.
This downtrend in Shibarium’s transaction activity is concerning, indicating a potential decline in adoption. The platform’s metrics have largely remained stagnant, with transaction speeds fluctuating between 5 and 5.5 seconds, currently averaging at 5.1 seconds. As Shibarium plays a crucial role in the Shiba Inu ecosystem, the dwindling transaction count raises apprehensions about the network’s future.
Simultaneously, Shiba Inu finds itself contending with bearish pressures, with profit-taking accompanying nearly every significant upward move. As of the latest update, the token has experienced a 6.99% surge, reducing its value to $0.00001005 by eliminating one zero.
The recent uptick in Shiba Inu’s value is attributed to the broader altcoin resurgence triggered by the SEC’s approval of the spot Bitcoin ETF. However, the sustainability of this momentum hinges on various factors, with network activity on Shibarium serving as a crucial determinant.
While the current downturn in Shibarium’s performance has not yet negatively impacted Shiba Inu, the prevailing volatility could potentially reshape the narrative in the coming weeks. As the crypto market navigates this historic milestone, stakeholders closely monitor the dynamics between Shibarium’s adoption and Shiba Inu’s resilience against bearish forces.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.